Demonstration of income or 10 years in prison with confiscation — the new rules for travelers

I think if you keep your money in bitcoins, then no one will know? Earlier it was, but now in the Senate came up with a new way to track the income of taxpayers in any currency, including electronic.

Republican Senator Chuck Grassley put forward a draft law №1241 «on combating money laundering, terrorist financing and counterfeiting». The new rule will require travelers to report to the government for all of its assets in excess of $10 million, including stored in a cryptocurrency.

Those who decide to conceal from the government finances, the risk of losing them and freedom. Violators face imprisonment of 10 years and confiscation of suspicious assets.

The law has not yet entered into force, but it was already approved in two readings and referred to the Senate judiciary Committee.

The authorities want to reserve the right to withdraw Unlisted in the report assets without a court order and evidence of involvement in financial fraud. While proven in court innocent of any crime will not be considered a basis for returning the confiscated property.